How long does an Isa transfer take ?

tiger70

My Coventry Isa matured on the 30th November,  I decided to do an Isa transfer to Kent Reliance.  When I log into my Kent Reliance online banking the Isa account has been set up but the money hasn't been transferred. How long does the money take to move from one bank to another ?

refluxer

ISA transfers are fairly complex and involve human interaction (they're not completely automated AFAIK) - ISA guidelines state they should be carried out within 15 working days. The shortest ISA transfer I've experienced was a couple of days and the longest was more like a couple of months. 

I've never held ISAs with either Kent Reliance or the Coventry BS but both utilise the BACs ISA transfer service (and therefore funds should, in theory, be sent electronically and usually without the need for posting paper forms) so I would expect it to be fairly quick and my guess would be it'll happen some time next week (I can't imagine either of those providers will progress things over the weekend).

tiger70

refluxer said:

ISA transfers are fairly complex and involve human interaction (they're not completely automated AFAIK) - ISA guidelines state they should be carried out within 15 working days. The shortest ISA transfer I've experienced was a couple of days and the longest was more like a couple of months. 

I've never held ISAs with either Kent Reliance or the Coventry BS but both utilise the BACs ISA transfer service (and therefore funds should, in theory, be sent electronically and usually without the need for posting paper forms) so I would expect it to be fairly quick and my guess would be it'll happen some time next week (I can't imagine either of those providers will progress things over the weekend).

Thanks for that,  it's reassured me a lot.   The Kent reliance did say the would contact me when the the isa transfer is successfully completed.

GrubbyGirl_2

If your ISA matured on Thursday 30th the money becomes available on Friday 1st December, now it's the weekend which are not working days so I think you're being a bit too optimistic to expect it all to have happened on Friday.  I am sure it will be into your new account next week but they do have 15 working days so it could be as late as 22nd December

Albermarle

GrubbyGirl_2 said:

If your ISA matured on Thursday 30th the money becomes available on Friday 1st December, now it's the weekend which are not working days so I think you're being a bit too optimistic to expect it all to have happened on Friday.  I am sure it will be into your new account next week but they do have 15 working days so it could be as late as 22nd December

Or even later if there is a mess up.

Malchester

I transferred an ISA from Coventry to West Brom BS last week. I applied Saturday, Coventry received the transfer request from West Brom Building Society on the Monday and the transfer completed on Thursday. I did two other transfers last week.  One from Coventry to Gatehouse Bank which Coventry received Tuesday and completed Friday. And another, at the same time, from Lloyds to Gatehouse which has got nowhere yet.

Lloyds told me today that they didn't know whether they had received the transfer request. After speaking with 3 different people today at Lloyds, none of whom knew anything, I was told that the ISA transfer team don't talk to customers but will deal with my query in 2 days time and write by snail mail to let me know the up to date information!

tiger70

Got a text message this morning from Kent saying my initial deposit has been applied.  I logged into my Kent account and the Isa transfer is all there. Very quick and efficient .